Oil and Natural Gas: Oil continues bullish toward $75.00
During this morning’s Asian trading session, the oil price gained support at the $73.20 level.
The price of natural gas fell to $1.91 on Monday, a new August low.
Oil chart analysis
During this morning’s Asian trading session, the oil price gained support at the $73.20 level. After we stabilized, a bullish consolidation was initiated to a new weekly high at the $74.60 level. The price broke yesterday’s high, and we expect to see further growth to the bullish side. At $73.50, we received support from the EMA 50 moving average, which reinforced optimism for a recovery.
Potential higher targets are the $75.00 and $75.50 levels. The EMA 200 moving average is an additional average price of oil in the $75.50 zone. For a bearish option, we need a negative consolidation and a pullback to the $73.00 level. With those steps, we move below the weekly open price and the EMA 50 moving average. This will further increase the pressure on oil to continue its retreat. Potential lower targets are the $72.50 and $72.004 levels.
Natural gas chart analysis
The price of natural gas fell to $1.91 on Monday, a new August low. After stabilizing at that level, we saw the start of a bullish consolidation back above the $2.00 level. We have once again returned above the weekly open price to the positive side. During this morning’s Asian session, the price was hovering above $2.06 and the EMA 200 moving average. This initiated a bullish impulse, and the price jumped to a new weekly high of $2.10.
There is a good chance that natural gas will continue to grow and climb to higher levels. Potential higher targets are $2.12 and $2.14 levels. For a bearish option, we need a negative consolidation and a return below the EMA 200 and $2.06. With that step, we move to the bearish side and expect a new daily low to form. Potential lower targets are $2.04 and $2.02 levels.
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